Innovate Project Scope
In recent years, it has become a necessity for financial institutions to have sound Anti-Money Laundering (AML) & fraud detection systems in place, for the purpose of efficiently and effectively detecting and preventing fraudulent operations in financial operations, such as money laundering and theft. Failing to detect suspicious activity effectively, indicates that a company fails to comply with the AML Law, resulting in significant fines, and reputational damages. The aforementioned reasons led to an exponential growth of the Fraud, Know Your Customer (KYC) & Anti-Money Laundering (AML) market size, reaching $2.3 billion in 2018 with a projection to reach $7.2 billion by 2023, growing at a CAGR of 25.4% during the forecast period 2018–2023.
The scope of this project is to support existing enterprises from all activity sectors, that will invest in research and innovation, for the development of competitive innovative products or services with quick global market penetration prospects. An AML package will be given to these enterprises including:
- KYC Profiling
- Onboarding Services
- Risk Categorization for both individuals and legal entities
- Transaction Monitoring
- Case Management
- Manual and Automatic Action
- Electronic Identity Verification
- Electronic Document Verification
- Searching of Negative Lists
- Liveness Detection
- Face Matching
- Fraud Risk Scoring and Analysis
- Compliance Reporting
The project is split into six Milestones/Phases in order to increase the possibility of succeeding in a quick market entry.
Phase A (SaaS Transformation): The first phase involved the transformation of the existing solution into a SaaS delivery model and deploy it in a cloud-based environment.
Phase B (Integration of Compliance Analytics): The second phase involves the integration of the external advanced analytics platform and subsequent development of compliance analytics.
Phase C (Integration of Workflow Engine): The third phase involves the integration of the external Workflow Engine platform and the setup of appropriate workflow process to support unified case management.
Phase D (Seamless Onboarding): The fourth phase includes the development of the seamless onboarding component supporting both web and mobile deployment.
Phase E (Multi-jurisdiction AML Regulatory Framework): The fifth phase includes the development of the Multi-jurisdiction & Multi-Market AML Regulatory framework engine in collaboration with our partners.
Phase F (Intelligent Monitoring): Finally, the sixth phase will develop the Intelligent Monitoring using both supervised and unsupervised statistical models.
Sponsoring Digital events is a major targeting factor for our communication and dissemination plan. Notable events that iSPIRAL presented at and/or sponsored so far:
- The Big Forex Breakfast – 30/07/2020
- Decentralized Nicosia Chapter – 14/10/2020
- 2nd Big Forex Breakfast – 15/10/2020
- Game-Changing tactics and knowledge needed to transform your client remote Onboarding processes – 04/11/2020
- Visa Innovation Program Demo Day – 11/11/2020
- Virtual Anti-Fraud Tech Fair – 19/11/2020
- NPF Payments & RegTech Webinar – 04/03/2021
- ACAMS Spain Chapter: Artificial intelligence in the prevention and fight against financial crimes – 14/04/2021
- ePay Summit Europe 2021 – 15/04/2021
- The 2nd NPF Payments & RegTech Webinar – 20/04/2021
- Financial Forum Innovations event Bulgaria – 08/06/2021
Partnerships are at the core of our operations and we always seek to collaborate with like-minded firms. The list of our partners includes:
KPMG: One of the big four professional services networks in the world, KPMG is considered a valuable asset for the communication and dissemination marketing plan.
InSPIRE: The Organisation acts as the academic content source, by promoting academic papers and delivering presentations in events and webinars by communicating and disseminating educational messages